Instuitional Investor - Cutler Investment Counsel Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Ishares Tr		767,048	$40,170,325	4.83%
2.	Vanguard Index Fds - MID CAP ETF		149,832	$38,749,432	4.66%
3.	Ishares Tr - CORE MSCI EAFE		466,492	$35,290,085	4.24%
4.	Spdr Index Shs Fds		774,997	$30,511,645	3.67%
5.	Microsoft Corp	MSFT	71,252	$26,747,210	3.21%